London: The British Queen has backed moves to scrap leading bankers and financiers from her New Year's honours list because they helped cause the current global economic crisis, a newspaper reported on Sunday.
The traditional honours list, to be unveiled this week, contains “few, if any” high-ranking awards for financiers, the Mail on Sunday reported, citing the omission as a case of “royal displeasure” on the part of Queen Elizabeth II.
Traditionally, the list honours prominent City figures in recognition of their role in making London the centre of the global economy and for supporting charities.
But the paper quoted an unnamed source as saying such a move would be inappropriate in the current climate.
“When millions of families are struggling to keep their homes and many people live in fear of losing their jobs, it would be totally unjust to dole out honours to rich bankers. In the eyes of many, they bear much of the blame for what has happened and do not deserve any kind of honour," the paper cited the source as saying.
“This is not the time to be handing out knighthoods to hedge-fund tycoons and fat cats who have picked up bonuses running into millions of pounds while the entire banking system was heading for meltdown,” the paper said.
The reported move comes after Queen Elizabeth II referred to the economic downturn in her traditional Christmas Day broadcast this year.
“Some of those things which could once have been taken for granted suddenly seem less certain, and naturally give rise to feelings of insecurity,” the British monarch said.
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